Prices rose after the U.S. Energy Information Administration (EIA) said commercial crude oil stocks fell by 1.4 million barrels last week to 285.7 million, reports Reuters.

According to BBC in August, the price of US light crude almost reached $50, with the price breaking records on a daily basis.

Worries about Iraqi supplies in the face of sabotage, as well as about a recall referendum for president Hugo Chavez of key producer Venezuela, had conspired with predictions of high demand to push oil prices higher.

These fears also opened up opportunities for speculative dealing, which Opec leaders suggest has added $7 to the price in recent months.